Solarhybrid sells Israeli PV project rights

The subsidiary acquired the project rights, worth 201 megawatts (MW), in Jaunary 2012, for NIS 9 million (around 1.82 million) and earn-out payments in connection with the acquisition of rights, worth NIS 21 million (4.25 million).

It has now sold the rights on to Summit for NIS 1.5 million, for the settlement of solarhybrid Israel’s liabilities, and the takeover of aforementined earn-out payments. If the photovoltaic projects are implemented, Summit will have to pay solarhybrid Israel additional earn-out payments worth up to NIS 4.5 million.

Large-scale photovoltaic project developer, solarhybrid AG filed for bankruptcy on March 21, following the German government’s announcement that feed-in tariffs would not be paid to projects bigger than 10 MW.

Becky Beetz

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